A major US pension fund increased its stake in Tesla (NASDAQ: TSLA) by around 10% in the first quarter of 2022. The manufacturer's shares continue to attract the attention of investors, as the company shows great growth potential.
The State Teachers Retirement System of Ohio (STRS Ohio), which is one of the largest public pension funds in the US, increased its stake in Tesla in the first quarter. At the same time, it has reduced its stake in General Motors, according to the latest report to US regulators.
STRS Ohio increased its stake in Tesla by about 10% in the first three months of 2022. The pension fund owned 304,334 shares of the Texas-based manufacturer as of the end of the first quarter of this year, according to data. Thus, 27,136 Tesla shares were added last quarter. Tesla shares, which rose 1.97% in the first quarter, closed at $1,077.6 per share on March 31.
In addition, the pension fund added 7,151 Ford shares during the quarter. As of March 31, it owned 1.35 million shares in the car manufacturer.
Meanwhile, STRS Ohio reduced its stake in GM by 1.6% to 2.8 million shares at the end of the quarter. In the first quarter of 2022, GM shares fell 25.4% to $43.7. Since then, the stock has continued to fall to $37.9, as of Friday, April 29.
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